The stalled redevelopment of prime Yarraville land may be back on track with a Chinese developer behind a $172 million deal for the former Bradmill site.
Beijing-based development group Changsheng has bought the 24-hectare property from Colin De Lutis’ De Group in a joint-venture struck with local Chinese media businessman Tommy Jiang, who initially agreed to buy the site last year for $160 million.
The $2.2 billion Yarraville Gardens redevelopment has a master plan by Peddle Thorp Architects for 1500 dwellings in a mix of townhouse and apartment buildings, however it was advertised as having “special capacity to substantially increase density”.
Mr De Lutis paid $7 million to take over the ailing Bradmill denim business when it went into receivership in 2002, and later paid $16 million for two neighbouring blocks.
The area was rezoned in 2011 from industrial to residential and mixed-use.
The land purchase marks Changsheng’s first foray into the Australian market. The group is best known for developing landmark mixed use commercial and residential buildings in Guangzhou and Beijing in China’s south.
